Corestate Capital (CCAP) Q1 2026 earnings summary

Executive summary

• Continued execution of deleveraging strategy and operational stabilization, focusing on value-maximizing disposal of non-core assets and development of Hannover Leasing as the core platform.

• Shareholders approved 2022 and 2023 financial statements, reflecting confidence in management's direction.

Financial highlights

• Q1 2026 aggregated revenue and gains: €5.1m (Q1 2025: €8.7m); EBITDA: €-4.7m (Q1 2025: €-2.2m).

• Net profit: €-9.5m (Q1 2025: €-8.8m); adjusted net profit: €-8.7m (Q1 2025: €-7.9m); EPS: €-0.1.

• Equity ratio: -2.5% (Dec 2025: 0.5%); cash and cash equivalents: €13.2m (Dec 2025: €18.4m); net debt: €165.9m (Dec 2025: €160.1m).

• Assets under management: €7.5bn (Dec 2025: €8.5bn).

Outlook and guidance

• Deleveraging strategy to continue through 2026, with all net proceeds from asset disposals used for note repayment.

• Extension of Senior Notes maturities supports orderly asset disposal.

• Hannover Leasing remains the operational core and key platform for future development.